Cigna Group

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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FY2025 · Filed Feb 26, 2026

CI$295.60+0.7%Stored close · as of Nov 9, 2026

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Contents

Segment Information

Note 23 – Segment Information

See Note 1 to the Consolidated Financial Statements for a description of our segments. A description of our basis for reporting segment operating results is outlined below. Intersegment revenues primarily reflect pharmacy and care services transactions between the Evernorth Health Services and Cigna Healthcare segments. The Chairman and Chief Executive Officer is the chief operating decision maker ("CODM") responsible for making decisions about resources to be allocated to each segment and assessing its performance.

The Company uses "pre-tax adjusted income (loss) from operations" and "adjusted revenues" as its principal financial measures of segment operating performance because management, including the CODM, believes these metrics reflect the underlying results of business operations and facilitate analysis of trends in underlying revenue, expenses and profitability to enable resource allocation decisions. We define pre-tax adjusted income (loss) from operations as income (loss) before income taxes excluding pre-tax income (loss) attributable to noncontrolling interests, net investment gains/losses, amortization of acquired intangible assets and special items. The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting are also excluded. Special items are matters that management, including the CODM, believes are not representative of the underlying results of operations due to their nature or size. Adjusted income (loss) from operations is measured on an after-tax basis for consolidated results and on a pre-tax basis for segment results.

The Company defines adjusted revenues as total revenues excluding the following adjustments: special items and The Cigna Group's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting. Special items are matters that management, including the CODM, believes are not representative of the underlying results of operations due to their nature or size. We exclude these items from this measure because management, including the CODM, believes they are not indicative of past or future underlying performance of the business.

The Company does not report total assets by segment because this is not a metric used by the CODM to allocate resources or evaluate segment performance.

The following table presents the special items charges (benefits) recorded by the Company, as well as the respective financial statement line items impacted:

	For the Years Ended December 31,
	2025		2024		2023
(In millions)	Pre-tax	After-tax	Pre-tax	After-tax	Pre-tax	After-tax
Strategic optimization program (primarily Selling, general and administrative expenses)	$749	$565	$—	$—	$—	$—
Deferred tax expenses (benefits), net (Income taxes, less amount attributable to noncontrolling interests)	—	427	—	84	—	(1,071)
Integration and transaction-related costs (Selling, general and administrative expenses)	327	247	275	211	45	35
(Benefits) charges associated with litigation matters (Selling, general and administrative expenses)	(17)	(13)	—	—	201	171
Net (gain) loss on sale of businesses	(13)	(404)	(24)	(2)	1,499	1,429
Impairment of dividend receivable (Net investment income)	—	—	182	138	—	—
Charge for organizational efficiency plan (Selling, general and administrative expenses)	—	—	—	—	252	193
Total impact from special items	$1,046	$822	$433	$431	$1,997	$757

Summarized segment financial information was as follows:

(In millions)	Evernorth Health Services	Cigna Healthcare	Other Operations	Corporate and Eliminations	Total
2025
Revenues from external customers	$232,098	$41,426	$325	$5	$273,854
Intersegment revenues	2,713	5,405	51	(8,169)
Net investment income	142	581	298	25	1,046
Total revenues	234,953	47,412	674	(8,139)	274,900
Net investment results from certain equity method investments	—	(249)	—	—	(249)
Adjusted revenues	$234,953	$47,163	$674	$(8,139)	$274,651
Pharmacy and other service costs	223,086	—
Medical costs	—	33,474
Selling, general and administrative expenses	4,170	9,545
Other segment items (1)
Interest (expense) and other	(1)	9
Less: Income attributable to noncontrolling interests	475	—
Pre-tax adjusted income (loss) from operations	7,221	4,153	89	(1,593)	9,870
Income (loss) before income taxes	$5,826	$4,344	$(46)	$(2,343)	$7,781
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests	(475)	—	—	—	(475)
Net investment (gains) losses (2)	(20)	(210)	2	3	(225)
Amortization of acquired intangible assets	1,720	23	—	—	1,743
Special items
Strategic optimization program	174	22	133	420	749
Integration and transaction-related costs	—	—	—	327	327
Net (gain) on sale of businesses	(4)	(9)	—	—	(13)
(Benefits) associated with litigation matters	—	(17)	—	—	(17)
Pre-tax adjusted income (loss) from operations	$7,221	$4,153	$89	$(1,593)	$9,870
Other segment information
Depreciation and amortization	$2,400	$339	$16	$20	$2,775

(1)Other segment items represent the difference between segment adjusted revenues less significant segment expenses and pre-tax adjusted income (loss) from operations, and they do not represent significant segment items relative to the CODM's review and oversight.

(2)Includes Net investment gains/losses as presented in our Consolidated Statements of Income, as well as the Company's share of certain investment results of its joint ventures reported in the Cigna Healthcare segment using the equity method of accounting, which are presented within Fees and other revenues in our Consolidated Statements of Income.

(In millions)	Evernorth Health Services	Cigna Healthcare	Other Operations	Corporate and Eliminations	Total
2024
Revenues from external customers	$198,177	$47,528	$440	$3	$246,148
Intersegment revenues	3,775	4,972	79	(8,826)
Net investment income	21	618	309	25	973
Total revenues	201,973	53,118	828	(8,798)	247,121
Net investment results from certain equity method investments	—	(204)	—	—	(204)
Special item related to impairment of dividend receivable	182	—	—	—	182
Adjusted revenues	$202,155	$52,914	$828	$(8,798)	$247,099
Pharmacy and other service costs	190,968	—
Medical costs	—	37,887
Selling, general and administrative expenses	3,779	10,805
Other segment items (1)
Interest (expense) and other	(2)	7
Less: Income attributable to noncontrolling interests	405	—
Pre-tax adjusted income (loss) from operations	7,001	4,229	(9)	(1,688)	9,533
Income (loss) before income taxes	$3,929	$3,315	$(12)	$(1,963)	$5,269
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests	(405)	—	—	—	(405)
Net investment losses (2)	2,129	401	3	—	2,533
Amortization of acquired intangible assets	1,662	41	—	—	1,703
Special items
Integration and transaction-related costs	—	—	—	275	275
Impairment of dividend receivable	182	—	—	—	182
Net (gain) loss on sale of businesses	(496)	472	—	—	(24)
Pre-tax adjusted income (loss) from operations	$7,001	$4,229	$(9)	$(1,688)	$9,533
Other segment information
Depreciation and amortization	$2,319	$417	$9	$30	$2,775

(In millions)	Evernorth Health Services	Cigna Healthcare	Other Operations	Corporate and Eliminations	Total
Revenues from external customers	$147,588	$46,219	$291	$1	$194,099
Intersegment revenues	5,670	4,332	—	(10,002)
Net investment income	241	597	305	23	1,166
Total revenues	153,499	51,148	596	(9,978)	195,265
Net investment results from certain equity method investments	—	57	—	—	57
Adjusted revenues	$153,499	$51,205	$596	$(9,978)	$195,322
Pharmacy and other service costs	143,571	—
Medical costs	—	35,678
Selling, general and administrative expenses	3,340	11,055
Other segment items (1)
Interest (expense) and other	(2)	8
Less income attributable to noncontrolling interests	144	2
Pre-tax adjusted income (loss) from operations	6,442	4,478	96	(1,698)	9,318
Income (loss) before income taxes	$4,768	$2,664	$76	$(1,995)	$5,513
Pre-tax adjustments to reconcile to adjusted income from operations
(Income) attributable to noncontrolling interests	(144)	(2)	—	—	(146)
Net investment losses (2)	—	133	2	—	135
Amortization of acquired intangible assets	1,774	45	—	—	1,819
Special items
Net loss on sale of businesses	—	1,481	18	—	1,499
Charge for organizational efficiency plan	—	—	—	252	252
Charges associated with litigation matters	44	157	—	—	201
Integration and transaction-related costs	—	—	—	45	45
Pre-tax adjusted income (loss) from operations	$6,442	$4,478	$96	$(1,698)	$9,318
Other segment information
Depreciation and amortization	$2,438	$569	$3	$25	$3,035

Revenue from external customers includes Pharmacy revenues, Premiums and Fees and other revenues. The following table presents these revenues by product, premium and service type:

	For the Years Ended December 31,
(In millions)	2025	2024	2023
Products (Pharmacy revenues) (ASC 606)
Network revenues	$125,573	$105,340	$67,514
Home delivery and specialty revenues	80,492	72,476	65,732
Other revenues	13,329	11,545	9,047
Total Evernorth Health Services	219,394	189,361	142,293
Other Operations	54	60	—
Corporate and eliminations	(2,776)	(4,059)	(5,050)
Total Pharmacy revenues	216,672	185,362	137,243
Insurance premiums (ASC 944)
Cigna Healthcare
U.S. Healthcare
Employer insured	18,852	17,576	16,490
Medicare Advantage	2,363	8,679	8,771
Stop loss	7,599	6,744	6,143
Individual and Family Plans	3,371	3,951	5,088
Other	3,366	4,938	4,095
U.S. Healthcare	35,551	41,888	40,587
International Health	4,126	3,624	3,295
Total Cigna Healthcare	39,677	45,512	43,882
Other Operations	288	380	281
Corporate and eliminations	296	104	74
Total Premiums	40,261	45,996	44,237
Services (Fees) (ASC 606) and Other revenues (1)
Evernorth Health Services	15,417	12,591	10,965
Cigna Healthcare	7,154	6,988	6,669
Other Operations	34	79	10
Corporate and eliminations	(5,684)	(4,868)	(5,025)
Total Fees and other revenues (1)	16,921	14,790	12,619
Total revenues from external customers	$273,854	$246,148	$194,099

(1)Other revenues for the years ended December 31, 2025, 2024 and 2023 were $696 million, $584 million and $210 million, respectively.

Major Customers. Revenues from a single pharmacy benefit client were approximately 19% and 16% of total revenues from external customers for the years ended December 31, 2025 and 2024, respectively. These amounts were reported in the Evernorth Health Services segment.

Additionally, revenues from U.S. Federal Government agencies, under a number of contracts, were 11% and 15% of total revenues from external customers for the years ended December 31, 2024 and 2023, respectively. These amounts were reported in the Evernorth Health Services and Cigna Healthcare segments. For the year ended December 31, 2025, revenues from U.S. Federal Government agencies were less than 10%.

U.S. and Foreign Revenues. Revenues from U.S. external customers as a percentage of total revenues from external customers were 98% for the years ended December 31, 2025, 2024 and 2023.

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